Caterpillar Inc (CAT)
Debt-to-capital ratio
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | 24,472,000 | — | — | — | 25,714,000 | — | — | — | 26,033,000 | — | — | — | 25,999,000 | — | — | — | 26,281,000 | — | — | — |
| Total stockholders’ equity | US$ in thousands | 19,503,000 | 20,507,000 | 18,256,000 | 18,170,000 | 15,891,000 | 15,622,000 | 15,759,000 | 17,097,000 | 16,516,000 | 16,695,000 | 16,880,000 | 16,617,000 | 15,378,000 | 14,994,000 | 13,777,000 | 14,239,000 | 14,629,000 | 14,993,000 | 14,878,000 | 15,478,000 |
| Debt-to-capital ratio | 0.56 | 0.00 | 0.00 | 0.00 | 0.62 | 0.00 | 0.00 | 0.00 | 0.61 | 0.00 | 0.00 | 0.00 | 0.63 | 0.00 | 0.00 | 0.00 | 0.64 | 0.00 | 0.00 | 0.00 |
December 31, 2023 calculation
Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $24,472,000K ÷ ($24,472,000K + $19,503,000K)
= 0.56
The debt-to-capital ratio of Caterpillar Inc. has fluctuated over the past eight quarters, ranging from 0.54 to 0.70.
In Q1 and Q3 of 2023, there was a decrease in the ratio, indicating a lower level of debt in relation to the company's capital. This could suggest improved financial leverage and a relatively stronger capital structure during those periods.
Conversely, in Q2 and Q4 of 2023, there was an increase in the debt-to-capital ratio, which implies a higher proportion of debt in Caterpillar's capital structure. This may indicate increased borrowing or a decline in equity during those quarters.
Overall, the trend in the debt-to-capital ratio for Caterpillar Inc. shows some variability, reflecting shifts in the company's leverage and capital structure over the past two years. It would be important to further investigate the reasons behind these fluctuations to understand the underlying financial dynamics of the company.
Peer comparison
Dec 31, 2023